Van Zandt, Ovitz, Cuomo Settle Bankruptcy Suits

MARCH 30--Three more boldfaced names have joined the parade of celebrities who have returned money improperly given to them by Dana Giacchetto, their felonious former investment adviser. According to U.S. Bankruptcy Court documents, musician/actor Steve Van Zandt, Hollywood titan Michael Ovitz, and ABC broadcaster Chris (son of Mario) Cuomo, have just agreed to return the funds to settle "fraudulent conveyance" lawsuits brought against them by the court-appointed trustee overseeing the bankruptcy of The Cassandra Group, the New York City firm Giacchetto once headed. Van Zandt ($57,500), Ovitz ($42,500), and Cuomo ($45,000) join stars like Cameron Diaz, Courteney Cox, and Tobey Maguire, who have previously returned funds provided to them by Giacchetto. The swindler pleaded guilty to federal charges that he ripped off lesser-known investors and gave that money to his unwitting star clients, who thought the dough represented legit investment returns. Giacchetto, a former running buddy of Leonardo DiCaprio, spent 28 months in federal custody for his scams. Below you'll find trustee Robert Geltzer's March 26 notice of the Van Zandt settlement (the Ovitz and Cuomo agreements are virtually identical, save the dollar amount). As with other celebrities who have disgorged funds, the trio denied wrongdoing and said the settlement was reached to "avoid the expense and delay of further litigation." (8 pages)